Venezuela´s Rating Raised

Standard & Poor’s raised Venezuela’s long-term foreign currency debt rating one level to B+. S&P said growing international reserves from oil income lowered the risk of a default. The economy grew 7.9 percent in the first quarter and 18 percent last year as international reserves surged to $30.4 billion this month from $11 billion in January 2003. S&P´s B+ rating is four levels below investment grade.